HSBC cut jobs in UAE as bank look to reduce costs

HSBC Holdings has laid off about 40 bankers in the United Arab Emirates (UAE) and Emirates NBD is cutting around 100 jobs, as banks in the Arab world’s second-biggest economy reduce costs, sources familiar with the move told Reuters.

The job cuts come at a time of weak economic growth, especially in the region’s business hub – Dubai – which is suffering from a property downturn.

HSBC’s redundancies came after the London-based bank reported a sharp fall in earnings and warned of a costly restructuring, as interim Chief Executive Noel Quinn seeks to tackle its problems head-on in his bid for the full-time role.

HSBC has about 3,000 staff in the UAE, part of its nearly 10,000 workforce in the Middle East, North Africa and Turkey region.

Via Reuters